Gift planning is a crucial aspect of philanthropy that ensures the sustainability and future impact of charitable organizations. By thoughtfully planning their contributions, donors can make a significant difference in the missions they support, often beyond their lifetimes. Teresa and Byron Pollitt exemplify this through their extensive involvement and generous contributions to the American Red Cross.
For over 30 years, Teresa and Byron Pollitt have been dedicated supporters of the American Red Cross at local, national, and international levels. Their commitment is evident through their volunteerism, blood donations, and personal philanthropy. Now, they have taken an additional step by recognizing the importance of the Legacy Society's impact on the future of the Red Cross's services and mission delivery, creating a gift in their estate plans.
The Pollitts' decision to include the American Red Cross in their estate plans highlights the power of planned giving. Recognizing the significant unrealized gains in their IRAs and stock portfolio, they have chosen to designate the Red Cross as a beneficiary. This strategic move avoids estate taxes and significantly funds the Red Cross mission, creating a win-win situation.
Their legacy gift is structured in two parts: making the American Red Cross a contingent beneficiary of their IRA accounts and adding the Red Cross as a major beneficiary in their will. This thoughtful planning ensures that their contributions will continue to support the Red Cross's vital work for years to come.
Teresa and Byron Pollitt's story underscores the importance of gift planning in philanthropy. By carefully considering their estate plans, they have created a lasting legacy that will benefit the American Red Cross and its mission long into the future. Their dedication and generosity serve as an inspiring example for others to follow, demonstrating how planned giving can make a profound and enduring impact.
Byron Pollitt has been a steadfast blood donor for over three decades and a Red Cross volunteer for 21 years. His journey with the Red Cross began as a chapter board member in Orange County and later in San Francisco. In 2015, Byron's dedication led to his election to the Finance Commission of the International Federation of Red Cross and Red Crescent Societies, where he served as Vice Chair for four years. Since 2020, he has been a Senior Executive Advisor to the International Services Division of the American Red Cross, continuing to provide invaluable guidance and support.
Teresa Pollitt has been an influential member of the Tiffany Circle for 17 years, serving as the inaugural Chair of the Tiffany Circle Chapter in San Diego. She is currently in her second three-year term on the Tiffany Circle National Council, where she serves as a Pacific Division Volunteer Leader and was a member of the Diversity Task Force. Teresa's leadership was instrumental in co-chairing the 2023 Tiffany Circle Summit, which brought together nearly 200 members and guests, raising over $1.3 million for the Sickle Cell initiative—nearly double the fundraising goal.
Together, the couple was awarded the Harriman Award this past year which is the highest recognition for American Red Cross volunteer service and recognizes extraordinary contributions beyond local communities and length of service.